I came across an interesting blog today the subject of which was the payday loan industry.  The site was run by a gentleman who had run into problems after taking out a payday loan to purchase a holiday and in a familiar scenario taken out another loan to repay the first and so on. His life and debt spiralled out of control.  Happily, today he is fully recovered, but is campaigning passionately against the payday loan industry.

I am totally in favour of responsible lending.  Quite how the gentleman concerned managed to take out so many payday loans without the alarm bells ringing for the lenders is a puzzle.  However, I dont think that payday loans should be banned.  That would be like saying alcohol should be banned because some people misuse it and injure themselves.  There must be a degree of responsibility attached to both lending and borrowing.  We work with lenders who lend responsiblyand provide a useful service to the public.  I have taken out payday loans myself.  They have gotten me out of a sticky spot more than once.  I understand that to many people the interest rates seem high.  However comparing them to the costs of an unauthorised overdraft and they are much less expensive.  However, I dont see many people going around saying banks should be banned.

Some lenders may be predatory.  Like any industry there are rogues.  We vet the companies we work with and have terminated agreements with some conpanies who have not met our standards in the past.  It is a pity however to tar responsible payday lenders with the same brush as the loan sharks.    The payday loan industry as a whole is pretty transparent.  The borrower is made aware of the cost of the loan prior to signing the credit agreement and there is no obligation to take out the loan.

I believe part of the reason that the gentleman concerned is complaining so strongly about the industry is because of the high interest rates which are advertised.  The average cost of a payday loan works out at £25 per £100 borrowed for 30 days.  Unfortunately though the law says that payday loans have to advertised using annual interest rates even though the loan is for a much shorter period.  This is akin to advertising the cost of a hotel room as £27,375 a year when the actual cost is £75 a night.  Most people will only stay in the hotel room for one or two nights so the cost of the room for a year is not appropriate to them.  If hotel rooms were advertised using annual rates there would be a lot of empty hotel rooms.

So should payday loans be banned?  Absolutely not.  Do they provide a useful service for a lot of people?  Yes.  However like anything in like, they should be approached responsibly by lenders and borrowers alike.

Related posts:

1. No debit card payday loans – they do exist!

FLM Quick are our current cheapest uk payday loan lender.  With an APR of just 199%, the loan is up to ten times cheaper than comparable loans.  Not only that, FLM Quick base their lending decision on how much your friends trust you, rather than how good your credit is.  Even if you have very bad credit it is still possible to get a loan of up to £500.

Easy, quick and simple is the aim of FLM Quick and they can complete  your loan in as little as one hour.

FLM Quick use a guarantor system so you will need to find someone who is 18 or over, with a good credit history and a bank account or debit card. Fill in the simple online application form and your cash could be winging its way to you in less than one hour

Apply Online Now

Related posts:

1. No debit card payday loans – they do exist!

Online payday and short term loan company Wonga have laid claim to offer the fastest uk online loans – with cash being sent to your bank in just 15 minutes.  Wonga have offered a one hour payday loan service for quite a while now, but have recently introduced improvements meaning they can complete a loan and send the money to your bank account in just quarter of an hour.

Wonga offers short term loans of up to £400 for first time lenders which can be repaid over up to 31 days.  The easy sliding scale widget on Wongas site offers flexible illustrations of exactly how much a loan will cost and representative interest examples.

Application is done entirely online with no awkward questions or documents to fax.  Wonga will make a quick decision and notify you of the results in minutes – then the cash will be sent straight to your account.  If you prefer you can have your loan paid directly to a creditor – handy if you have a bill to settle.  In order for the funds to clear straight away your bank needs to be able to accept Fast Payments – most UK banks can.

To find out more about Wonga or to apply online click here.

Related posts:

1. Send a text and get £100 in minutes – Textloans
2. Fastest payday loans – who is the fastest loan provider?

Most payday loans work in a very simple way – you agree to pay off the money borrowed on a pre-arranged date ie.payday, usually by means of a simple debit card transaction.   The payday lender doesnt have to credit check you as they know they are going to get their money on that date because your salary will have been paid into the account linked to the debit card. 

Of course if you dont have a debit card, or one which is linked to the account which your salary is paid into things can get tricky.  Most payday loan lenders will only lend to people with debit cards, however we have found two lenders who will lend to you without having a debit card.   Find out who they are here: http://www.getmoneytoday.co.uk/no_debit_card_payday_loans.html

Related posts:

1. Fastest payday loans – who is the fastest loan provider?
2. New Payday Loan Lender near 100% approval
3. New Payday Loan Lender – near 100% acceptance rate no credit checks

Our new payday lender Everything Payday offer a near guaranteed acceptance for payday loans with no credit checks.  Everything Payday have a near 100% approval rate for loans under £750 meaning your payday loan will be arranged speedily and you will get your money the same day.  The criteria for acceptance is much the same as other payday loan companies – over 18, employed and taking home £500 a month or more.  You will also need a bank account with a debit card for repayment of the loan.   You can borrow between £100 and £1000 and the company require no documents or faxing.  Apply online now for instant approval

Related posts:

1. New Payday Loan Lender near 100% approval
2. Fastest payday loans – who is the fastest loan provider?
3. Log Book Loans – V5 Loans

We are often asked which company pays out the fastest payday loans. Well that  depends! There are two parts to a payday loan – the processing and then the payment.  For the fastest loan processing, ensure you fill in the online application form with all the details requested and you meet the criteria for the loan you are applying for.  Most payday loan providers require you to be over 18, have a regular income and either a bank account or debit card for repayment of the loan.  Filling out the loan application correctly avoids delays and you will usually get a decision in principle online in seconds.  Once your loan application has been accepted the loan company will contact you to finalise the loan.  Usually the process takes around 2 hours.  Once your loan has been finalized, the funds are transferred directly into your bank account. If your loan is processed before 3pm you will usually receive your money the same day.   The longest part of the entire process is the time it takes your bank to credit the amount to your account – although most banks do credit the money same day.

In a recent survey of our Payday Lenders – speed E Loans performed fastest – with the time from application to receipt of the funds average less than two hours.  The whole process can be done online and you can borrow up to £250 straight away.

For more information on Payday Loans Click Here

Related posts:

1. New Payday Loan Lender near 100% approval
2. Yes Loans complaints
3. No credit check loans up to £3000

Log book loans are loans secured against your cars documents so you can borrow money without losing the use of your car.  If you have a reasonably new car – 2001 or younger, and the car is in your name and not on finance you may be able to borrow between £500 and £20,000.

v5 Loans are one of the leading UK logbook loan companies – they can offer quick and easy loans with no credit checks required.  They have local representatives throughout the country so your loan will be finalised quickly and easily.  Apply online  via their site with the make and model of your car and how much you want to borrow and they will arrange for a local representative to meet with you, check your documents and pay your loan.  Loans can be repaid over up to 78 weeks.

Related posts:

1. Provident Doorstep Loans Apply Online

Text Loans is a new short term loan provider, which can provide a loan of £100 in minutes.  Their slogan “send a text and get £100 in minutes” and the service really is that fast – the money is transferred to your bank account instantly.  Getting a loan is fast and simple – you fill in the e easy form on site and you will be issued a PIN code.  Send a text message to 60999 with loan [your pin number] 100 and the money will be transferred to your bank account within moments.   You will need a regular income and a debit card to qualify. 

To Find out more about TextLoans click here

No related posts.

Everything Payday are a payday loan company with a very impressive claim – they have an almost 100% acceptance rate on all payday loans under £750. There are no credit checks, and the criteria for acceptance of a loan is that you are over 18, employed and earning over £500 a month. You also need a valid bank account with a debit card.

Everything Payday can lend between £100 and £1000 for up to 31 days. Typical charges are 25p for every £100 borrowed.

Apply online for a decision in principle within 30 seconds

No related posts.